Amid increasing cases of tax evasion, frauds and corruption, Indian government on Tuesday announced it would revamp its nodal economic intelligence agency. President Pratibha Patil has sanctioned the constitution of a committee that will make recommendation to restructure the Central Economic Intelligence Bureau (CEIB), the finance ministry said in a statement.
The Finance Bill 2010-11 provided for creation of a corpus called National Clean Energy Fund to invest in entrepreneurial ventures and research in the field of clean energy technologies. Subsequent to the budget announcement, the Central Board of Excise & Customs (CBEC) issued a notification dated June 22, 2010 to notify the Clean Energy Cess Rules, 2010.
PARIS — The global recovery is taking root, despite the recent earthquake in Japan, helped primarily by better conditions for companies and improving labor markets, an international economic organization said Tuesday as it bumped up its growth forecasts. Growth in the Group of 7 industrialized economies, excluding Japan, should rise to an annualized rate of about 3 percent by the middle of this year, from about 2 percent at the end of 2010, the Organization for Economic Cooperation and Development said in an interim update to its annual economic report.
The Supreme Court today ordered the Central Board of Direct Taxes (CBDT) to maintain status quo on its demand for Rs 617 crore income tax from Satyam Computer, while asking for a list of the actual liabilities of the scam-h IT information technology (IT) firm. A three-judge bench headed by Chief Justice S H Kapadia directed the CBDT to submit a chart by Friday showing the actual income and tax liabilities of Satyam Computer, now known as Mahindra Satyam.
The Placement Cell of the ICSI is organizing a Campus Placement for the fresher Company Secretaries on Saturday, the 9th April, 2011 at NOIDA office of ICSI, C-37,Sector 62, NOIDA-201301. Members admitted on or after 1st December 2010 are eligible to participate.
The CBI today registered the ninth case in its probe of alleged corruption during Commonwealth Games naming seven senior engineers of CPWD and DDA for allegedly inflating cost of laying of synthetic turf as it carried out searches at 20 locations across the NCR. Besides these officials, a sports equipment providing company Jubilee Sports Private Limited which had got the contract for laying of synthetic turf for Lawn Bowl event during the Games has also been named in the case, official sources said.
The Union Government on Tuesday objected in the Supreme Court to the CBI’s decision to appoint senior advocate U. U. Lalit as special public prosecutor for the trial of former Telecom Minister A. Raja and other accused in the 2G spectrum allocation case. Attorney General G. E. Vahanvati told a Bench of Justices G. S. Singhvi and A. K. Ganguly that under the provisions of Prevention of Money Laundering Act, the special prosecutor has to be working under the State or the Union government for at least seven years.
Eight months after it was set up to find a successor to Tata Sons chairman Ratan Tata, the search panel has concluded that it cannot find a “replacement” for the group chief. “Our committee has come to the conclusion that we cannot find a replacement for (Ratan) Tata!”, said Tata Sons director and one of the members of the committee RK Krishna Kumar in an interview published on the company’s website.
Shares of Satyam Computer Services, now Mahindra Satyam, jumped by over 9 per cent in early trade on the BSE today after the company reached a settlement with the US Securities Exchange Commission, which concludes the SEC’s investigation of accounting issues related to the firm. Following the settlement, the scrip of the IT services provider witnessed heavy buying interest and surged by 9.20 per cent to an early high of Rs 77.10 on the Bombay Stock Exchange (BSE).
The Indian affiliate of PricewaterhouseCoopers routinely failed to follow the most basic audit procedures, the United States Securities and Exchange Commission said Tuesday as it penalized the firm for its failed audits of Satyam Computer Services, the Indian company that falsely reported more than $1 billion in profits. The S.E.C. and the Public Company Accounting Oversight Board fined the affiliate, PW India, $7.5 million in what was described as the largest American penalty ever against a foreign accounting firm.
